Key Levels in the EUR/USD

The EUR/USD has found a little bit of buying this week. But for the most part, we are still seeing the up and down price action.

Of course, the big event to watch for this week is the ECB interest rate decision. While nothing much is expected to change, it will again attract much of the attention. And it can cause the EUR/USD to go quiet in the lead-up.

Today we have a range of second-tier events hitting the wires out of Europe with Spanish CPI and Eurozone industrial production the main too.

But again, much will depend on what happens with the USD and the trade wars saga, as investors wait on the final word form Donald Trump.

Technical Outlook

The EUR/USD has fallen away sharply from major resistance at 1.1740 and we are now looking at the 1.1650 as the big resistance level.

I would be looking to be short below that point.

1.1550 is now the major support level in place and we are trying our best to stay above that point. Because below that we only have a series of minor levels. Which will provide a bounce.

But the real support remains at the most recent swing low. So there is plenty of room to fall as that is at 1.1300.

1.1500 is the next downside target of note and again it is the round numbers that are proving to be important.

About the author

Rowan Crosby
// Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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